What's Next for Bitcoin?

Taking a look at the daily timeframe, price action continues to trend lower in the bearish channel. In the event we get another daily candle that closes below the last, I would expect to see further downward momentum towards 55,000, and then 52,000.

Stochastics is overbought and RSI is holding below 50. These are 2 additional technical confirmations that this pair is likely to trend lower.

This week we also have Core CPI data on Wednesday. If we get a strong report, we may see a crypto selloff as the dollar will likely strengthen.